An Italian court has officially declared Serie A club Parma bankrupt.

The club have plunged into financial difficulties over the last few months after it emerged that the Italian outfit have racked up debts worth around €100m (£72.2m).

Parma have also been sold twice in the last two months, and reports emerged earlier this week claiming that new owner Giampietro Manenti was arrested over alleged money laundering.

According to Forza Italian Football, the club were confirmed bankrupt in a court hearing on Thursday, while Angelo Anedda and Alberto Guiotto were appointed by the authorities to hunt for new owners.

Should a buyer come forward, the club will be required to start again in Serie B, but reports have claimed that if new owners are not found, then Parma will filter down to the country's fourth league.

An emergency loan has been agreed with Serie A for Parma to complete their fixtures for the rest of the season.